New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-27
SUNDAY EDITION.
NOV. ~, 1887.
A CHURCH BANKING HOUSE.
HANDLING A MILLION DOLLARS EACH YEAR WITH

IHE METHODIST BOOK CONCERN SYSTEM.
HANDLING A MILLION DOLLARS EACH YEAR WITH
ECONOMY AND SAFETY
The large white building No. sos Broadway Is
known In the city and all the country as tho
Methodist Book Concern. II IS tho headquarters Of
the Methodist Episcopal Church in the United States.
Every hour in tho day tho crowd that surgcs past 10
in broadway 1ostles against Bishops OF the Church
and Methodist dvines who congregaic there not only
from all quarters OF civilization but from mission
fields In the most remote portions Of the globe hat
IS not know wen is that this building Is the centre
OF business interest great many OF the largo
commercial houses around It, while its financial
actions during year would do. credit to any Wall
Street banking house.
For a number OF years the Methodist Episcopal
Church has been doing its own banking business in
this and foreign countries The measure was brought
about by necessity, owing to the enormous proportions
to which its missionary work has grown The mis-
snary society, which mcots once year to receive
reports, distribute funds in mission fields, and to
arrange for the collection Of additional funds has Just
adjourned II has appropriated 81, ZOE, s21 for mis-
sion work Not cent Of this money IS now In tho
treasury, but before the society holds IT'S next meeting
every cent Of It Will have been received, and largo
portion OF It will have been distributed to China and
India Africa and South America, and to the mission
fields In Europe and those throughout the United
States Two years ago, when Chaplain McCabe raised
the cry, "A Million for Missions" some Of the mis-
sonary societies looked ncrcdulous, but at the end
Of the year tho call promptly responded to, and
last year the amount asked for was increased over
$4,000. Tho new demand met with equal
promptncss and the mission fund now reaches nearly
one million dollars and quarter OF this s633,ooo
goes to foreign missions, and about 100000 to
home missions, while the Is held for contingent
and incidental expenses.
STARTING A SYSTEM OF ITS OwN.
In sending these large sums Of money to foreign
year after year the need of the most direct
and prompt service became apparent The treasurer,
Dr. J. NJ Phillips, had formerly transacted all this
business through Brown Brothers & Co. Letters Oh
credit purchased Of them and sent to the agents
of the society II occurred to Dr. Phillips that tho
Methodist Episcopal Missionary Society might become
banker issue IT'S letters OF credit aud bills OF
exchange and drafts itself, and make an important
saving. This begun as an experiment at hIst.
There was slight delay the first year, as banking
houses In China and Japan did not at once recognize
this financial church house but when 1t was seen
the letters were always with promptness IT'S
credit was established and 1t is as good today In
India or Europe for any amount that the society may
require as the best known banking firm
The method Is easily explained. half million OK
dollars could not readily be shipped for distribution
I'm gold TO these agents I'm bulgaria, or Africa mo
American gold pieces would be strange I'm many Of mo
mission fields and tho money to be available, must 90
paid 10 the missionary in tho current coin of tho
dollars for China, pesos for South America marks Tor
Germany, francs for France. and crowns for Scan
dinaviL The letter Of credit is made out TO mo
missionary to whom It IS sent, by the Rev DR. j. VI.
Reid secretary of the society, and is drawn on mo
treasurer Or. J. VI. Phillips. The letter is counter
signed by the assistant treasurer i. Dcnham Mhen
II ha, been received by the missionary in China and
the money obtained the bank which cashes the letter
returns II to NewYork for reimbursement mo
money fox tho letter Is then paid By ID. PHILIPS
who places his indorsement the letter AbIi oi ex-
change was issued in August from the New-fork olhce
for $4,000 in rupees for the Rev. Dr. D. W. Thomas
treasurer Of the India Mission. 1t was nelo'ed IN
letter and mailed to by. Thomas and duplicate or
second letter was mailed two weeks later TO insnfo
delivery In elghtytwo days the letter had rccrossed
the seas and returned from India and was fled away
~ voucher by the society
The gain to the society IS not only the saving
which comes from being its own banker but also tn
not being required to pay for bills until they are re-
turned for acceptance When a letter Is purchased
I'm New-York 1t must be at once paid Tor ana AZ
the money IS not always in the treasury on the day
on which il needed loan would be necessary. mo
loans have become less rqucnt under the new SYSTEM
Most Of the foreign drafts require from one to hreo
months to reach their destination and return and tho
interest IS thus saved many thousands OF dollars
Within few years since this banking method was
established by the society. nr Philips has paid nom
the treasury over S2'ooo'ooo on foreign 'c''c'' VI
credit.
HOW TIE BIG FUND l. RAISED.
In raising these fund, every Methodist Episcopal
Conference in the United states IS put down for
spcclnc amount, based ON the condition OF that con
ference i'm previous years In this manner the gradhal
growth Of the conference Is indicated. Thirty years
ago the total amount raised By the society was less
than 100000 Within that time an entirely new
territory has been opened on all sides, West and
south Churches that were aided twenty years ago
,r, now pro, porous and contribute literally TO tho
General fund The Methodist colored churches
fbrouch the south contributed last year S92OOO. an
additional evidence that the growing prosperity OF me
New south (, not confined to the white people, ana
showing also that the Methodist Church and school
work among the colorcd people Is already Yielding
a GOOD return New-York +. Of course the great
crrirc Of the church I'm wealth The New lo ORR ana
me Now York East Conferences were put down ms
year for $4,000, each conference having $1,000
io raise The philadelphia Conference, which next
ha, s62 900: the Baltimore. $4,000 From TINS mo
amonnfs run down, some II the weaker conferences
having only $500 or ~ 600 raise among their CON
rrccations The actual growth Of the work Ia eight
years IS shown By the following table ,ncr.,..
Years .l9t,1,
'''-''''''''''' Gb3 SO 292 IS
, . ---'''-''''''''' col $50 Ol $4,000 ID
go -''-'.''--'-' 75l469 30 69.S03 50
sst.-..-.-.--'...'.''''''''. sass 80 o5 702 SO